Paycheck Protection Program Guidance for Self-Employed Individuals

The US Small Business Association released new guidance on the Paycheck Protection Program for self-employed individuals, clarifying eligibility and application procedures. Applications for the Paycheck Protection Program opened on April 10 for self-employed individuals and independent contractors.

The guidance includes how to calculate the Paycheck Protection Program loan amount, how the loans can be used and what amount is eligible for loan forgiveness. According to the interim rule, the 2019 Form 1040 Schedule C is required to be provided with the Paycheck Protection Program loan application, in addition to other documentation. Clarification is provided for partners in a partnership as well.

Read the SBA intern final rule for self-employed individuals and partners here.